Sensex, Nifty end at 3-week low on profit-booking

Mumbai: Markets ended in red for the second consecutive week as the S&P BSE benchmark Sensex and NSE Nifty fell by two percent each to 3-week low at 24,673.84 and 7,555.20 in view of profit-booking in tandem with global stocks following uncertainty regarding the quantum and timing of interest rate hikes in the United States.

Fresh foreign capital outflows also affected the market sentiment. FPI and FIIs sold shares net Rs 859.87 crore during the week as per the SEBI's data including the provisional figure of April 8.

The Sensex resumed higher at 25,333.98 and firmed up to25,424.15 on Monday ahead of the Reserve Bank of India's rate cut. However, it dropped to 24,608.51 as key policy rate cut of 0.25 percent from RBI failed to induce investors before finishing the week at 3-week low at 24,673.84, showing a loss of 595.80 points or 2.36 percent.

It has dropped by 663.72 or 2.62 percent in two weeks. The NSE 50-share Nifty also dropped by 157.85 points or 2.05 percent to 7,555.20. It has also tumbled by 161.30 points or 2.09 percent in two weeks.

Meanwhile, private sector manufacturing and services activities surged to a 37-month high in March on new business orders even as job growth remained sluggish, a monthly survey showed.